Naira Watch

Naira rebounds to 794.89/$1 at official window, N1155/$1 at parallel market

Published

5 months ago

November 25, 2023

The naira staged a massive comeback to appreciate against the dollar on Friday, 24th November 2023, closing at a new high of N794.89/$1 at the official market.

The domestic currency appreciated 20.31% to close at N794.89 to the American greenback at the close of business on Friday, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window where forex is officially traded, revealed.

This represents an N161.44 gain or a 20.31% increase in the local currency compared to the N956.33 it closed on Thursday.

The intraday high recorded was N1136/$1, while the intraday low was N700.00/$1, representing a wide spread of N436/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $75.82 million, representing a 28.13% decline compared to the previous day.

Similarly, the naira strengthened at the parallel forex market where forex is sold unofficially, the exchange rate appreciated by 0.87%, quoted at N1155/$1, while peer-to-peer traders quoted around N1151.22/$1.

While the naira gained against the dollar, it slumped slightly against the British Pound to hit ₦1,460/£1 while the Euro also appreciated against the naira to ₦1,177.85/€1. For the fifth time this week, the Canadian dollar maintained a steady exchange rate of N900/ CA$1.

By Babajide Okeowo

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